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Precision Castparts Corp. (PCP) became a publicly traded company in 1968 and was listed on the New York Stock Exchange in 1989. At the present time, of the approximately 144 million shares outstanding, more than 95 percent is institutionally owned.

Precision Castparts Corp. Expands Reach Into Power End Markets with
Acquisition of Interest in Yangzhou Chengde
Steel Tube Company, Ltd.

Chengde is a leading manufacturer of seamless, extruded
pipe for boiler applications in coal-fired power
plants, as well as pipe and tubing for other energy-related
applications, such as compressed natural gas. The
company operates from one facility with a manufacturing
footprint of nearly 6 million square feet, in the
Jiangsu Province of China. Chengde has built
a leading position in the Chinese boiler pipe market
and has begun to make inroads into export markets.

“Chengde’s founder Zhang Huaide has
built a very impressive manufacturing operation,
and we are excited to partner with him going forward,” said
Mark Donegan, chairman and chief executive officer
of Precision Castparts Corp. “The strategic
fit of the two companies will provide a long runway
for continued earnings growth in PCC’s power
generation business.

“Over the past several years, Wyman-Gordon
has been a major player in providing large-diameter,
interconnect pipe for coal-fired power plants and
has built a strong market presence,” Donegan
said. “However, we lacked the manufacturing
capacity for seamless boiler pipe, and we have
been forced to walk away from this significant
market. Through Chengde, PCC gains immediate
access to the boiler pipe market in China, and
we will use Wyman-Gordon’s distribution capabilities
to pull their products around the world. Working
together, Wyman-Gordon and Chengde will be a tough
team to beat as we continue to attack power generation
opportunities worldwide, with a product offering
of boiler pipe, interconnect pipe, and fittings. Down
the road, we can also use Chengde’s processing
capabilities to build Special Metals’ energy
pipe business.”

The cash acquisition is expected to be immediately
accretive to earnings. Under the equity
method of accounting, PCC will report its share
of Chengde’s income on an Equity in Earnings
of Unconsolidated Affiliates line in its income
statement. Other financial terms were not
disclosed.

###

Precision Castparts Corp. is a worldwide, diversified
manufacturer of complex metal components and products. It
serves the aerospace, power generation, and general
industrial markets. PCC is the market leader
in manufacturing large, complex structural investment
castings, airfoil castings, and forged components
used in jet aircraft engines and industrial gas
turbines. The Company is also a leading producer
of highly engineered, critical fasteners for aerospace,
and other general industrial markets and supplies
metal alloys and other materials to the casting
and forging industries.

###

Information included within this press release describing
projected growth and future results and events
constitutes forward-looking statements, within
the meaning of the Private Securities Litigation
Reform Act of 1995. Actual results in future
periods may differ materially from the forward-looking
statements because of a number of risks and uncertainties,
including but not limited to fluctuations in the
aerospace, power generation, and general industrial
cycles; the relative success of the Company’s
entry into new markets; competitive pricing; the
financial viability of the Company’s significant
customers; the impact on the Company of customer
labor disputes; demand, timing and market acceptance
of new commercial and military programs; the availability
and cost of energy, materials, supplies, and insurance;
and the cost of pension benefits and post-retirement
medical benefits; equipment failures; relations
with the Company’s employees; the Company’s
ability to manage its operating costs and to integrate
acquired businesses in an effective manner; governmental
regulations and environmental matters; risks associated
with international operations and world economies;
the relative stability of certain foreign currencies;
the impact of adverse weather or natural disasters;
the availability and cost of financing; and implementation
of new technologies and process improvement. Any
forward-looking statements should be considered
in light of these factors. The Company undertakes
no obligation to publicly release any forward-looking
information to reflect anticipated or unanticipated
events or circumstances after the date of this
document.